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In the first 15 days of January 2019, export turnover was lower than the same period, causing a big deficit for the trade balance.

Export activities in early 2019 showed signs of decline. In the photo: imported and exported goods in Hai Phong port. Photo: T. Binh.

The first figures on import and export activities in 2019 have just been released by the General Department of Customs. Accordingly, in the first half of January, 2019, the country’s total export value reached US$ 9.2 billion, a slight decrease of US$ 71 million over the same period in 2018. Meanwhile imports reached nearly US$ 10.2 billion, a year-on-year strong increase of US$ 646 million.

Thus, contrary to the trade surplus of nearly US$ 6.8 billion in 2018, the first 15 days of the new year 2019, our country suffered a deficit of nearly US$ 1 billion.

However, the last 15 day period is approaching the Lunar New Year, so reduction in export and increase in import is understandable because at this time, production and export activities are affected by Tet holidays while the demand for imported goods will increase.

In the first 15 days of the year, there were 3 export commodity groups reaching a turnover of US$ 1 billion or more, including: Garments and Textile; Phones components; and Computers, electronic products and components.

The number of commodity groups does not increase compared to 2018, but notably, the phones and components showed a strong decrease in turnover.

Specifically, the export turnover of this commodity only reached US$ 1.293 billion, while it was more than US$ 2.1 billion in the same period last year. Thus, this group has dropped over US$ 800 million, equivalent to more than 39% of turnover. This mainly caused the reduction in the country’s export turnover.

In 2018, the above commodity groups were also the largest export commodity groups of our country.

Specifically, all kinds of phones and components continued to be the largest export group in 2018 with a value of US $49.08 billion, an increase of 8.4% compared to 2017.

China continues to be the leading import market of phones and components from Vietnam in 2018 with a turnover of 9.38 billion USD, up 31.1% in comparison to 2017. Next is the US market with a turnover of nearly 5.41 billion USD, an increase of 46.1%.

The main export markets are China with US$ 8.36 billion, up by 21.9%; the EU with US$ 5.47 billion, up 18.6%; the United States with US$ 2.86 billion, down 16.7% ...

The country’s total import and export turnover in 2018 reached US$ 480.17 billion, a year-on-year increase of 12.2% (equivalent to US$ 52.05 billion). Of which, export value was US$ 243.48 billion, up by 13.2% and import reached US$ 236.69 billion, up by 11.1%. Our country had a trade surplus of nearly US$ 6.8 billion.